The company said that a number of recent race meetings produced less return than normal, resulting in a trading loss for the year. This will then be augmented by administrative expenses and costs associated with last July’s AIM listing.
ubet2win also said that, while it has launched its online poker site, further design and development work is being carried out on the casino and sports betting sites, which will be launched in the near future as this work is near completion.
In separate news, South African racing and gaming group Gold Circle, predicts a positive year ahead after bringing in betting turnover of R1.6 billion for the year to July.
Gold Circle Chief Executive Michel Nairac said the growth in betting had been phenomenal and was due in part to the upswing in the economy as well as an increased inclination among the public to gamble.
The company, which reinvests all profits into the racing industry, has 200 betting outlets and five racecourses across KwaZulu-Natal and the Western Cape, with a 44 per cent market share nationally. Competitor Phumelela holds licences in the seven remaining provinces and has a market share of 56 per cent.
For the year to July, Phumelela pushed revenue up 12 per cent to R1.9 billion, while net profit increased 15 per cent to R46 million. The two groups have entered into a joint venture called Phumelela Gold Enterprises, which has obtained exclusive broadcast rights for 29 racetracks in the UK.
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